XL Group results 2010
XL Group plc consolidated results year ended 31 December ● US$ mn Category 2006 2007* 2008 2009 2010 Gross written premium 9,099.34 8,254.74 7,569.39 6,111.31 6,261.33 Net written premium 6,970.84 6,428.17 5,738.29 4,743.71 4,999.59 Increased NWP % (4.6) (7.8) (10.7) (17.3) 5.4 Retention % 76.6 77.9 75.8 77.6 79.8 Net earned premium 6,923.07 6,504.31 5,990.25 5,151.74 5,031.14 Claims incurred 4,201.19 3,841.00 3,962.90 3,168.84 3,211.80 Claims incurred % NEP 60.7 59.1 66.2 61.5 63.8 Operating expenses 1,940.78 1,905.41 1,724.34 1,655.60 1,556.84 Operating expenses % NWP 27.8 29.6 30.0 34.9 31.1 Underwriting result 812.51 757.90 303.02 327.31 262.49 Underwriting result % NWP 11.7 11.8 5.3 6.9 5.3 Combined ratio % 89.5 88.8 94.9 93.6 94.8 Life GWP 686.91 743.22 690.92 576.16 411.94 Life NWP 646.61 698.69 649.84 532.85 382.08 Life result (270.87) (313.37) (248.61) (216.16) (190.48) Net investment income 1,978.18 2,248.81 1,768.98 1,319.82 1,198.04 Net realised gains/(losses) (116.46) (603.27) (962.05) (921.44) (270.80) Pre-tax result 1,895.76 533.74 (2,331.24) 195.19 806.11 Pre-tax % NWP 27.2 8.3 (40.6) 4.1 16.1 Net result 1,762.77 275.89 (2,553.81) 74.99 643.38 Shareholders' funds 10,131.17 9,950.56 6,116.83 9,432.42 10,613.05 Solvency margin % 145.3 154.8 106.6 198.8 212.3 Unearned premium reserve 5,652.90 4,681.99 3,321.72 2,939.44 2,859.18 Outstanding claims reserve 17,899.65 18,191.09 17,685.48 17,266.13 16,882.32 Total technical provisions 23,552.5 22,873.08 21,007.20 20,205.57 19,741.50 Technical reserves as % NWP 337.9 355.8 366.1 425.9 394.9 Overall coverage as % NWP 483.20 510.6 472.7 624.8 607.1 * On June 6, 2007, XL Capital completed the sale of a portion of Syncora Holdings Ltd (formerly Security Capital Assurance Ltd or “SCA”) common shares.